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L1 renewal timing

L1 renewal timing

Old Jul 31st 2011, 9:39 pm
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Default L1 renewal timing

Hi y'all
OH L1 visa runs until October 2012. Daughter who is on L2 will turn 21 September 2012. Will we be able to apply for renewal say July 2012 so she doesnt age out?
( Still unsure whether to do GC because of the tax implications, )

thx
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Old Jul 31st 2011, 9:55 pm
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Default Re: L1 renewal timing

What are the tax implications of having a Green Card? To my knowledge there are ZERO differences between being resident here on a visa and being a permanent resident.
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Old Jul 31st 2011, 10:27 pm
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Default Re: L1 renewal timing

Originally Posted by dbj1000 View Post
What are the tax implications of having a Green Card? To my knowledge there are ZERO differences between being resident here on a visa and being a permanent resident.
We have property overseas and the accountant said if we sold while in the USA they also look at the currency diffferences from when we bought/sold not just the gain. So we will need someone to look at what that might cost us financially before we went for a GC
Also OH paid on an all inclusive expat basis and if we go GC he will go local contract, which we dont think will benefit us.
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Old Jul 31st 2011, 10:50 pm
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Default Re: L1 renewal timing

Originally Posted by texasjan View Post
We have property overseas and the accountant said if we sold while in the USA they also look at the currency diffferences from when we bought/sold not just the gain. So we will need someone to look at what that might cost us financially before we went for a GC
Also OH paid on an all inclusive expat basis and if we go GC he will go local contract, which we dont think will benefit us.
The taxation regarding sale of your overseas property is the same whether you're resident on a visa or a permanent resident.

I can't argue with the contract situation. I guess it just depends whether you want your daughter living with you or the more lucrative contract.

Even if you are successful in a last-minute L1 renewal (and personally I don't believe that it would prevent your daughter aging out) you'll just have to face the same question at the end of that visa, and by then you'll have zero opportunity to get your daughter a green card as a minor.
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Old Aug 1st 2011, 12:37 am
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Default Re: L1 renewal timing

Won't matter, get the Greencard in time and daughter stays...renew visa's and she'll still age out at 21 and have to leave.

Tax implications won't change either....so as mentioned, it's just a matter of wanting to stay as a family or not v the compensation package.
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Old Aug 6th 2011, 12:00 am
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Default Re: L1 renewal timing

Originally Posted by texasjan View Post
We have property overseas and the accountant said if we sold while in the USA they also look at the currency diffferences from when we bought/sold not just the gain. So we will need someone to look at what that might cost us financially before we went for a GC
For USA capital tax purposes, they convert the purchase price and sale proceeds into US dollars at the rate prevailing on the date of each transaction. So it's quite possible that you can make a capital gain in your former country and a loss for US purposes - or the opposite.

You have an accountant already so it should be a very quick process to work out what your USA capital gains liability would be if you sold tomorrow. Bear in mind that there might also be a capital gains tax issue in the other country.

But - if you want to stay in the USA you are going to pay this tax sooner or later. Unless you keep the asset until you die, at which point there is (normally) a "free pass" on capital gains and you may have an estate tax liability instead. Consider the tax a price of becoming American.


If you intend to leave the USA, without getting a GC, then if you dispose of the asset after you leave, then you normally don't have a USA capital gain. If you acquire a GC and then leave, it's more complex - you can sign away your GC but depending on your circumstances, they may tax the capital gain anyway. Verify all of this with your accountant if important.


Also OH paid on an all inclusive expat basis and if we go GC he will go local contract, which we dont think will benefit us.

Do you want yourself, and your daughter, to stay in the USA or not?
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